The Clearing House (TCH), owned by a consortium of 25 US banks, has launched a Real-Time Payments system (RTP) bringing the benefits of faster payments to the USA. The platform, which is the first new core payments infrastructure in the US in over 40 years, was developed by Vocalink, who were responsible for the UK’s Faster Payments scheme.

The first payment on the system was made between BNY Mellon and U.S. Bank on 13th November.

The system enables retail consumers and businesses to make domestic payments in a few seconds, and also provides facilities allowing customers to electronically request a payment.